Bloomberg News

Scholastic to Shut Down Weekly Reader Magazine, N.Y. Post Says

July 23, 2012

Scholastic (SCHL:US) Corp. will cease publication of the Weekly Reader, a magazine circulated in classrooms since 1902, after buying it earlier this year, the New York Post reported.

Scholastic, publisher of the Hunger Games books, plans to fold the magazine into Scholastic News and fire 55 of 60 Weekly Reader employees in White Plains, New York, the newspaper said. The Post didn’t say where it got the information on job cuts.

The New York-based company agreed to buy the Weekly Reader from Reader’s Digest Association Inc. in February, the Post said. Weekly Reader’s circulation fell from 1 million in 1990 to less than two-thirds of that, the Post said. At its peak, Weekly Reader had 13 million subscribers, according to the newspaper.

Combining the Weekly Reader and Scholastic News will result in “a better news and information experience in print and digital formats for teachers and students,” Cathy Lasiewicz, a company spokeswoman, said in an e-mail to Bloomberg. She declined to comment on the job-cut numbers, saying some Weekly Reader employees joined the company, others are candidates for positions and some weren’t interested in commuting to Scholastic’s New York offices.

To contact the reporter on this story: Oliver Staley in London at ostaley@bloomberg.net;

To contact the editor responsible for this story: Lisa Wolfson at lwolfson@bloomberg.net


Later, Baby
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • SCHL
    (Scholastic Corp)
    • $33.19 USD
    • 0.40
    • 1.21%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus